A new analysis puts Utah 10th place in the nation for its number of gold locations, but don’t necessarily grab a pan and go out there and pan for the precious resource.
Utah can boast of 7.46 sites per 1,000 square miles and a total of 613 gold locations.
SD Bullion used data from the U.S. Geological Survey to come up with its list of the top 10 states for gold.
Utah’s golden history
According to the Utah Geological Survey, the Mercur mining district lies on the southwestern flank of the Oquirrh Mountains in eastern Tooele County and was originally organized in 1870.
While initial production was from high grade silver pockets, this rush faded quickly.
By 1883, a “gold ledge” was discovered, but the gold could not be recovered economically.
Production from the Mercur district after 1913 was minor and intermittent until continuous gold production resumed with increased gold prices from 1933 until 1942.
But at that point, the U.S. government closed all gold mines to conserve manpower and materials for World War II.
The agency said the Mercur district ultimately produced about 2.5 million ounces of gold, making it Utah’s largest primary gold mining district, despite the fact that no gold was ever recognized as an in-hand specimen.
The price of gold during the years Mercur was recently in production ranged from under $300 to about $450 per ounce.
What a difference time makes
As of present day, the spot price of gold per ounce is more than $3,300, according to APMEX.
In 1985, Barrick Gold Corporation acquired the mine and an autoclave was added in 1989 to improve gold recovery, and the mine produced over 100,000 ounces of gold per year until 1995, when the economic reserves were exhausted. Currently, the mines are nearly completely reclaimed.
Rio Tinto Kennecott is the largest producer of gold, ironically as a byproduct of its copper mining operation.
Today, the most lucrative gold producer is Bingham Canyon, which is a copper mine located just southwest of Salt Lake City. So far it has produced more than 23 million ounces (about 715 tons) of gold, making it one of the largest gold producers in the United States.
“They are a major gold producer although primarily copper is what they are going after,” said Brian Somers, president of the Utah Mining Association.
They also produce platinum, palladium, tellurium and silver, among other minerals.
Somers said the “critical” mineral mining industry is buoyed by an executive order issued in March by President Donald Trump which will add both gold and copper to that list.
In addition, there is minor production from the Kiewitt mine and there are a couple of exploration projects that are ongoing in Washington and Iron counties.
Top places for gold locations
It should provide no surprises that California, home to the gold rush that began in 1848, ranks No. 1 in the analysis.
It spurred more than 300,000 people to come to the Golden State in search of fortune. The sudden onslaught actually propelled California into statehood but came at great costs to Indigenous people and other local residents.
Gold worth tens of billions of today’s U.S. dollars was recovered, which led to great wealth for some. Others were left with what they brought with them.
Washington, Oregon, Nevada, Idaho, Arizona, Colorado, Montana and Alaska round out the top 10.